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<br />SECTION 9. REPRESENTATIONS. WARRANTIES AND COVENANTS OF THE <br />PARTICIPATING BANK <br /> <br />The Participating Bank hereby represents, warrants and covenants to the City and <br />the Consortium as follows: <br /> <br />A) The Participating Bank is a national banking association duly organized and <br />validly existing and in good standing under the laws of the United States, duly qualified to do <br />business in the State of Ohio, a state banking association duly organized and validly existing and <br />in good standing under the laws of the State of Ohio and has the power to perfonn each and <br />every obligation contained herein. <br /> <br />B) The Participating Bank has the requisite power and authority to execute <br />this Agreement and any First Mortgage Loan documents required by this Agreement. <br /> <br />C) This Agreement represents a valid and binding obligation of the <br />Participating Bank, enforceable according to its tenns, except as the same may be subject to or <br />limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar <br />laws relating to or affecting the rights of creditors or by general principles of equity, including, <br />without limitation, concepts of materiality, reasonableness, good faith and fair dealing, and the <br />possible unavailability of specific perfonnance or injunctive relief, regardless of whether <br />considered in a proceeding in equity or at law, and the making and perfonnance of which has <br />been duly authorized by all necessary corporate and other action, and will not constitute a <br />violation of any law, any requirement imposed by a judicial, arbitral body or governmental <br />entity or instrumentality, or the Articles of Association or By-Laws of the Participating Bank. <br /> <br />D) The Participating Bank shall perfonn each and every act or thing necessary <br />or desirable in order to secure the disbursement of the proceeds of First Mortgage Loans and <br />Consortium HOME Loans, in each case for the benefit of the applicable Eligible Borrower, in <br />accordance with the provisions of, and during the tenn of, this Agreement and any applicable <br />Homebuyer Agreement. <br /> <br />SECTION 10. EVENTS OF DEFAULT <br /> <br />A) The following shall be events of default under this Agreement: <br /> <br />i) If the allocation of the HOME Funds to the Consortium, of which <br />the Committed Amount of HOME Funds is a part, is revoked or rescinded <br />by HUD or a court of competent jurisdiction for any reason, or if the <br />Consortium loses (or a continuing period of six months the ability to draw <br />down the Committed Amount of HOME Funds; or <br /> <br />ii) If the Consortium or the City is prohibited from, or elects to <br />discontinue, participating in HUD's HOME Program or if the City is <br /> <br />9 <br />